Free Trial

RESEND: EGBs have seen a fairly.........>

EGB SUMMARY
EGB SUMMARY: RESEND: EGBs have seen a fairly uneventful morning session. A
modest risk on tone to markets has seen German yields a little higher on the day
and peripheral spreads generally a little tighter with bonds and equities moving
in opposite directions.
- Yesterday's ECB meeting saw downside risks to growth acknowledged but saw
little market reaction, and today's trading has seemed a little directionless.
- The German IFO saw the expectations component fall to the lowest level since
November 2012 and disappointed consensus expectations, but bad news was already
priced into the market following yesterday's manufacturing PMI falling below 50
and the weak ZEW survey last week.
- Schatz started the day weakly, but yields are now almost unchanged on
yesterday's lows. The curve has bear steepened a little with 10y Bund yields up
0.4bp on the day to 0.184%.
- Italian spreads to Bunds have bucked the trend a little this morning and are
around 0.6bp wider on the day, on little news.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.